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Housing Costs Take Up Biggest Share of Income since 2010

March 13, 2017

Increasing interest rates and the appreciation of home values have led to the biggest percentage in median household income, currently at a 16% high not seen since 2010, income now needing to be allocated for home mortgages. Zillow Chief economist, Dr. Svenja Gudell notes that we still have room to grow on a nationwide basis before we hit a historic average, but coastal markets have already met or surpassed what is generally considered to be “historically affordable”. Housing and rental costs in markets such as New York, San Francisco, and Los Angeles are at upwards of 40% in terms of income required for monthly rent or mortgage.

Housing Costs Take Up Biggest Share of Income since 2010

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